Sensex down 45 points

MUMBAI, JAN. 31. The early price rally that lifted the Sensex past the 4400-mark, was cut short at around midsession as key stocks suffered a sharp setback on the Bombay Stock Exchange today on late selling triggered by absence of fresh purchases from foreign institutional investors.

Selling in the form of bull liquidation was also fuelled by profit booking by Indian financial institutions which reportedly were heavy sellers at the fag end.

Dealers also attributed the selling to the reported statement of Prime Minister, Mr. Atal Behari Vajpayee, that the Government would impose new taxes to rebuild Gujarat ravaged by an earthquake last weekend.

Opening moderately down at 4367.58, the BSE sensitive index had risen to the day's high of 4409.33 before midsession only to react negatively to close at 4326.72 against yesterday's close of 4372.04, netting a substantial fall of 45.32 points or 1.04 per cent. The BSE-100 index also fell by 22.36 points to 2209.31 from 2231.67.

- PTI

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Section  : Business
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